A Dutch bank was fined $574 million under new laws to tackle terrorism financing and money laundering.
Prosecutors accused the state-owned ABN Amro of "serious shortcomings" in tackling illegal activity.
The penalty was made up of a €300m ($360.9m) fine and €180m paid to cover “unlawfully obtained gains”, prosecutors said.
"The fine reflects that as a result of the serious shortcomings, certain clients that engaged in criminal activities were able to abuse bank accounts and other services of ABN Amro for a longer period of time,” the Dutch Public Prosecution Service said.
Prosecutors said on Monday that while the breaches were attributed to the bank, their investigation identified three former members of its board who “presumably are effectively responsible” for the violations.
It did not identify the trio and said investigations were continuing into whether there was sufficient evidence to prosecute.
However, in Denmark, Danske Bank said its chief executive Chris Vogelzang resigned after being named as one of the suspects.
Gerrit Zalm, a former Dutch finance minister and ex-ABN Amro board member, also resigned from Danske Bank's board.
Mr Vogelzang said he was surprised by the Dutch probe.
“I left ABN Amro more than four years ago and am comfortable with the fact that I managed my management responsibilities with integrity and dedication,” he said.
“My status as a suspect does not imply that I will be charged.”
ABN Amro said it “deeply regrets the situation and recognises the seriousness of the matter, and that it has fallen short in the fulfilment of its role as gatekeeper aimed at combatting money laundering.”
“This is unacceptable and we take full responsibility for this,” the bank's chief executive Robert Swaak said.
ABN Amro is not the first bank to be fined under the law which was introduced to clamp down on money laundering and financing terrorism.
In 2018, ING agreed to pay $897m to settle a money laundering case with Dutch prosecutors.
Britain is tightening measures to tackle money laundering and last month the UK's Financial Services Authority brought criminal charges against NatWest bank, one of the world's oldest institutions, for allegedly violating money laundering laws over a five-year period.
The FCA said NatWest allowed £264m worth of suspicious cash deposits to be lodged in a customer's account without raising any fraud alerts.
It was the first time the FCA launched a criminal prosecution under the money laundering regulations and the first time a bank was prosecuted under the rules.
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
RESULTS
6.30pm: Longines Conquest Classic Dh150,000 Maiden 1,200m.
Winner: Halima Hatun, Antonio Fresu (jockey), Ismail Mohammed (trainer).
7.05pm: Longines Gents La Grande Classique Dh155,000 Handicap 1,200m.
Winner: Moosir, Dane O’Neill, Doug Watson.
7.40pm: Longines Equestrian Collection Dh150,000 Maiden 1,600m.
Winner: Mazeed, Richard Mullen, Satish Seemar.
8.15pm: Longines Gents Master Collection Dh175,000 Handicap.
Winner: Thegreatcollection, Pat Dobbs, Doug Watson.
8.50pm: Longines Ladies Master Collection Dh225,000 Conditions 1,600m.
Winner: Cosmo Charlie, Pat Dobbs, Doug Watson.
9.25pm: Longines Ladies La Grande Classique Dh155,000 Handicap 1,600m.
Winner: Secret Trade, Tadhg O’Shea, Ali Rashid Al Raihe.
10pm: Longines Moon Phase Master Collection Dh170,000 Handicap 2,000m.
Winner:
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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South Korea
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France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
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Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
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Monday, Oct 6 – Second T20I
